If you are considering debt collection services from the point of view of media, you might be probably scared about the complex process. There is a lot of drama which will terrify you to think about taking the services of a reputed debt collection agency. Here, we are going to describe some common myths that are associated with debt recovery services.
Myth 1: Debt collectors are scary people who threaten to take goods away
Debt collectors are not having the liability to take out your property, as only the county court Bailiffs and the high court enforcement officers have the legal power to do this.
Myth 2: Debt collection companies will demand large fees
There are many reputed debt collection agencies who are not charging huge amounts. The debt collection services industry is highly competitive and can be adjusted as per your requirements.
Myth 3: I’m better off hiring a solicitor
Hiring a solicitor might be a good idea, but they don’t have special knowledge just like a debt collection agency.
Myth 4: There’s nothing I could have done to prevent this
The debt collecting agencies are not only helping you to collect debt, but they are also helping to find out more about the people with whom you are started working with. They also provide a confidence report to help you make a decision about who you extend credit to.
Myth 5: My debtor is outside the country – I’ll never recover that money
The reputed and experienced debt collecting agencies have build their connections outside the country and across the world. Their world wide connections can ensure that the money you are owned will come back to you.
Myth 6: I’m only a small company – debt collectors won’t be interested
The decent companies want to help everyone to reclaim what they are owned. No matter you are a single freelancer working from home or a huge corporation with thousands of staff, they are offering affordable and experienced services.
Myth 7: Using debt collectors will create negative image in front of debtors
The debt collection agencies are having trained and professional staff that will treat your customers humbly. The staff want them on board and help them find a way to repay their debt to you.
Myth 8: I’ll never see that disappeared debtor again
The agencies are having specialized tracing staff who can access any library or resources to locate your debtors.
Myth 9: It’s difficult for debtors to make payments to a collection company.
As long as the debtors have credit or debit cards, they can make secure payment to the website. They can also pay weekly, monthly or partly payments if necessary.
Myth 10: People who owe me money can be sent to prison
Not paying debts is not actually an offense. They only debt which carry potential prison for non-payments is council tax, license payments and magistrate’s fines.
The research shows that out of 56% of businesses only 1% of turnover will be uncollectible, but the figure does not have to be that way. You can make sure you have got every penny you have earned.
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